Chainlink (LINK) Whales Moved 38.64 Million Tokens as Broader Consolidation Grips the Ecosystem

The decentralized oracle platform has recorded significant activity in the cryptocurrency market in the last 24 hours.

Chainlink (LINK) is showing increased activity in the cryptocurrency market in the last 24 hours. As broader consolidation grips the ecosystem, large holders have moved 38.64 million LINK.

This volume, which represents a 24-hour figure, marks a 671% spike in Chainlink whale transactions, according to IntoTheBlock data.

These transactions by Chainlink whales are rolling over in the wake of LINK’s price movements in the broader crypto market.

The data focuses on these large transactions and their impact on an asset’s price outlook. It also highlights the increased activity of whales, which is of interest to market participants.

This is despite the fact that the data does not disclose whether these transactions represent whales buying and accumulating an asset or selling and disposing of it.

Chart: IntoTheBlock

This week, over $120 million LINK exited exchanges, setting the token up for a potential rebound.

In the case of LINK, the asset’s price plunged suddenly as these whales transact over 38 million tokens. This suggests that many whales might have decided to shed their portfolio following LINK’s rebound to $15.

However, with the asset’s price now slipping below $15, investors might have pulled back. This decision to step back might have been triggered by LINK’s inability to break the next resistance of $16 amid the whale action.

The asset slipped from $15.53 and formed a cup pattern in the last 30 days. Chainlink plunged to a low of $10.20 before posting its current rebound move. Though the upward rally was slow, LINK sparked hope when it reclaimed $15.

Interestingly, despite the recent movements, LINK has held on strong and found support above $14.15. The asset’s ability to sustain this level could determine whether it might continue its downward slip or not.

As of writing, the LINK price was $14.91, down 0.92% in 24 hours per CoinMarketCap data. The trading volume dropped by 41.11% to $265.83 million within the same period.

Investors might have pulled back as the price slipped below $15. The decision to step back might be triggered by LINK’s inability to break the next resistance of $16 amid the whale action.

The asset slipped from $15.53 and formed a cup pattern in the last 30 days. Chainlink plunged to a low of $10.20 before posting its current rebound move. Though the upward rally was slow, LINK sparked hope when it reclaimed $15.

Interestingly, despite the recent movements, LINK has held on strong and found support above $14.15. The asset’s ability to sustain this level could determine whether it might continue its downward slip or not.

What Could Trigger Chainlink Price Rally?

LINK’s price appears to have entered a consolidation phase, and renewed investor interest could catalyze a breakout. In a recent LINK price analysis, market analyst CRYPTOWZRD predicted a $26 rally for the token.

suggest that it is neither overbought nor oversold. This could become a bullish signal if LINK whale accumulation and general market momentum are sustained. If this happens, LINK could climb to trade between $20 and $25 or push for $30 based on ecosystem support.

However, should Chainlink price slip below $13, this could trigger another bearish outlook with the risk of returning to the $10 price floor.

News data source: kdj.com

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